Deutsche Bank has returned to the Cello structure of bond issuance for the second time in three months.

The German bank promised when it launched its ground-breaking bond for Swiss billionaire Klaus Jacobs in December that the unusual structure would be popular. Now it has used collateralised equity-linked limited liability obligations again.

Adecco’s Sfr767m (€497m) bond for the Jacobs family was the first to be collateralised solely by shares. Deutsche, with Credit Suisse, used the Cello structure last week for Weather Investment’s €825m ($982m) Wind pre-initial public offering exchangeable bond. This provides non-recourse funding, so issuers will not face any margin calls during a bond’s life.

Bankers working on the Weather Investments bond, which is backed by the shares of Egyptian telecom group Orascom ahead of Wind’s IPO, said the Adecco deal was important. Martin Fisch, head of equity structured solutions at Deutsche Bank, said: “Adecco paved the way for Weather with the stock collateralisation feature. As it was, it took investors a while to get to grips with the bond.”